President Energy pleased with workover progress in Rio Negro

Upstream oil and gas company President Energy updated the market on its workover programme at the Puesto Flores/Estancia Vieja Concession in Río Negro Province, Argentina on Friday, reporting that current total concession oil production continued in the range of 2,000-2,100 barrels of oil per day (bopd), with the workover programme still continuing.

The AIM-traded firm said planning was continuing for the three development well drilling programme at Puesto Flores, scheduled to begin at the end of September.

It said the costs of all drilling work, such as the current workover programme, would be funded by President out of its own resources and facilities.

The first extended gas test at Estancia Vieja of the previously untested well, EV 8, had demonstrated stable production capability of approximately 200 barrels of oil equivalent per day (boepd), the board claimed.

It said the second gas well, EV 19, was now on an extended test and was expected to show capability of 250 boepd.

The size of gas container was also being assessed, with indications that it was “more than enough” to provide gas-generated electrical power to fully supply both fields in the concession, President said, providing material operating cost savings.

Initial planning was in progress so that the entire concession would be self-sufficient in power by late 2018 or early 2019.

“The end of the first half demonstrated significant progress in our oil production arising from what we can already say is a successful current workover programme,” said chairman Peter Levine.

“The second half of the year at our Rio Negro Concession is slated to be just as, if not more, busy with three new wells projected and activities relating to exploiting gas production from Estancia Vieja.

“We remain grateful for the support, understanding and assistance of our partners Ediphsa and the Rio Negro authorities.”